RE: Last Offload #9?28 Feb 2020 11:42
I've been wondering again about this 'light cargo' on the tanker. Obviously yesterday's news about the CFO's departure is another pause for thought, but it can only be speculative, and I don't think we'll find the reasoning for it easily. Whereas the offload is an operational thing, where a bit of logical thinking might bring one close to an answer.
In fact I was on the phone last night with someone else who's preoccupied with the conundrum, and it's a puzzler, for sure. And despite the call (s) being quite long, we could draw no conclusions.
But now, I feel one of those 'instinctive feelings', and I'm trying to pick holes in my own argument, but finding it hard to.
The cargo load is something around 360,000 bbl. Which is very odd. Is that all the fpso had in her tanks? I don't think so. Because that would imply two things. (1) that the wells have been producing significantly less than 'guidance' over the last month. but the company have not given any indication to that effect, whereas they said they would if that happened. (2) that the tanker was called out prematurely, 360,000 bbl being much less than the optimum 'offload parcel size', and also far less than both the AM's storage capacity and the tanker's transport capability.
So, I'm inescapably drawn towards the idea that this was just a 'partial offload'. Now as 'Londoner7' has pointed out, the tanker was by the fpso for 23 hours, compared with the more usual 25. But the volume differences aren't proportional to the time difference. But again, that's just a couple of hours. So I think we can eliminate some pressing tanker scheduling from the equation. They're not going to take a partial load instead of a full one just for the sake of a few hours. Also, from someone else here (Pisces, I think), we've learned that the weather was pretty good, so if we can believe his information, we can discount a weather-related issue.
So, my feeling is that there was some sort of technical problem with the offload. That sort of thing can happen. A pump going down, some sort of hassle with the hose equipment, could be anything. Wouldn't like to guess. Could be the tanker's dynamic positioning catching coronavirus and unable to keep them properly on station, so far as I know. But some sort of technical glitch preventing a full offload.
Does anyone else here see a fault in my reasoning?
Of course, and before people start calling me a 'superramper' (and no, I bear absolutely no physical resemblence to Adolf Hitler!), I cannot 100% discount the possibility that the field has somehow 'underperformed' over the last month and the company hasn't informed us as they said they would. Even if it would go against the two points I enumerated above, and would shake my confidence as a shareholder considerably. But I do feel that the AM's probably still got a good amount of oil in her tanks, and as Cebo said, we may see another offload fairly shortly, like in the next couple of weeks.
Over to the res